SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

FORM10-QSB

 

[X]QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OFTHE SECURITIES EXCHANGE ACT OF 1934

 

[] TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d)OF THE SECURITIES EXCHANGE ACT OF 1934

 

Forthe quarterly period ended: March 31, 2004

 

Commissionfile number 000-30149

 

TOOLATE FINANCIAL CORPORATION

(Exactname of small business issuer as specified in its charter)

 

| Nevada  
88-0453319
(State      or other jurisdiction of  
 (I.R.S.      Employer
incorporation      or organization)  
 Identification      No.)  
770      E. Warm Springs Rd., Suite 250  
  
Las      Vegas, Nevada  
 89119
(Address      of principal executive offices)  
 (zip      code)
 

(702)866-5839

(Issuer'stelephone number)

 

Checkwhether the Issuer (1) filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the last 12 months (or forsuch shorter period that the registrant was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days.

 

Yes XNo

 

Indicatethe number of shares outstanding of each of the issuer's classes of commonequity, as of the latest practicable date.

 

Class  
Outstanding      at March 31, 2004
Common      Stock, par value $0.001  
 7,404,370
ITEM1. FINANCIAL STATEMENTS

 

TOOLATE FINANCIAL CORPORATION

(ADevelopment Stage Company)

BALANCESHEET

(Unaudited)

 

ASSETS

 

March      31, 2004
December      31, 2003
CURRENT      ASSETS
$      0
$      0
TOTAL      CURRENT ASSETS
0
0
OTHER      ASSETS
0
0
TOTAL      OTHER ASSETS
0
0
$      0
$      0
LIABILITIES      AND STOCKHOLDERS' EQUITY
CURRENT      LIABILITIES
Officer      Advances (Note #4)
$      750
$      0
TOTAL      CURRENT LIABILITIES
750
0
STOCKHOLDERS'      EQUITY
Preferred      stock, $0.001 par value
authorized      5,000,000 shares;
None      issued and Outstanding
0
0
Common      stock, $0.001 par value,
authorized      20,000,000 shares;
7,404,370      and 7,404,370 issued and
outstanding      at 3/31/04 and 12/31/03
7,404
7,404
Additional      paid-in capital
0
0
(Deficit)      accumulated during
development      stage
(8,154)
(7,404)
TOTAL      STOCKHOLDER'S EQUITY
(750)
0
$      0
$      0
 

Theaccompanying notes are an integral part of these financial statements.

2

TOOLATE FINANCIAL CORPORATION

(ADevelopment Stage Company)

STATEMENTOF OPERATIONS

(Unaudited)

 

 
      Three      Months Ended March 30,
March 3, 2000(Inception) to March 31, 2004 
      2004
      2003
INCOME
Revenue
$      0
$      0
$      0
EXPENSE
General      and
Administrative
750
0
8,154
TOTAL      EXPENSES
750
0
8,154
NET      (LOSS)
$      (750)
$      0
$      (8,154)
Net      Loss
Per      Weighted Share
$      (.00)
$      (.00)
Weighted      average
number      of common
shares      outstanding
7,404,370
6,604,370
 

Theaccompanying notes are an integral part of these financial statements.

3

TOOLATE FINANCIAL CORPORATION

(ADevelopment Stage Company)

STATEMENTOF CASH FLOWS

(Unaudited)

 

 
      Three      Months Ended March 30,
March 3, 2000 (Inception) to March 31, 2004 
      2004
      2003
Cash      Flows from
Operating      Activities:
Net      (loss)
$      (750)
$      (0)
$      (8,154)
Stock      Issued for services
0
0
5,000
Issuance      of stock to
Convert      debt to equity
0
0
2,404
Changes      in assets and
Liabilities:
Officers      Advances
750
0
750
Net      cash (used) in
operating      activities
0
0
0
Cash      Flows from
Investing      Activities:
Organization      Costs
0
0
0
Net      Cash (used) in
Investing      activities
0
0
0
Cash      Flows from
Financing      Activities
0
0
0
Net      increase in cash
0
0
0
Cash      beginning of period
0
0
0
Cash      end of period
$      0
$      0
$      0
Supplemental      Disclosure
Interest      paid
$      0
$      0
$      0
Taxes      paid
$      0
$      0
$      0
Non-cash      transactions:
Number      of shares issued
For      services
0
0
5,000,000
Number      of shares issued
To      convert debt to equity
0
0
2,404,370
 

Theaccompanying notes are an integral part of these financial statements.

4

TOOLATE FINANCIAL CORPORATION

(ADevelopment Stage Company)

NOTESTO FINANCIAL STATEMENTS

March31, 2004

Note1 - Basis of Presentation

 

Thecondensed interim financial statements included herein, presented in accordancewith United States generally accepted accounting principles and stated in USdollars, have been prepared by the Company, without audit, pursuant to the rulesand regulations of the Securities and Exchange Commission. Certain informationand footnote disclosures normally included in financial statements prepared inaccordance with generally accepted accounting principles have been condensed oromitted pursuant to such rules and regulations, although the Company believesthat the disclosures are adequate to make the information presented notmisleading.

 

Thesestatements reflect all adjustments, consisting of normal recurring adjustments,which in the opinion of management, are necessary for fair presentation of theinformation contained therein. It is suggested that these condensed interimfinancial statements be read in conjunction with the financial statements of theCompany for the year ended December 31, 2003 and notes thereto included in theCompany's 10-KSB annual report. The Company follows the same accounting policiesin the preparation of interim reports.

 

Resultsof operation for the interim period are not indicative of annual results.

 

Note2 - Going concern

 

Theaccompanying financial statements have been prepared assuming that the Companywill continue as a going concern which contemplates the recoverability of assetsand the satisfaction of liabilities in the normal course of business. As aresult, the Company incurred accumulated net losses from March 3, 2000(inception) through the period ended March 31, 2004 of $(8,154). In addition,the Company's development activities since inception have been financiallysustained through equity financing.

 

Theability of the Company to continue as a going concern is dependent upon itsability to raise additional capital from the sale of common stock and,ultimately, the achievement of significant operating revenues. The accompanyingfinancial statements do not include any adjustments that might be requiredshould the Company be unable to recover the value of its assets or satisfy itsliabilities.

 

5

TOOLATE FINANCIAL CORPORATION

(ADevelopment Stage Company)

NOTESTO FINANCIAL STATEMENTS

March31, 2004

 

NOTE 3- RELATED PARTY TRANSACTIONS

 

TheCompany neither owns or leases any real or personal property. Office servicesare provided without charge by the officer and director of the Company. Suchcosts are immaterial to the financial statements and accordingly, have not beenreflected therein. The officer and director of the Company is involved in otherbusiness activities and may, in the future, become involved in other businessopportunities. If a specific business opportunity becomes available, such personmay face a conflict in selecting between the Company and their other businessinterests. The Company has not formulated a policy for the resolution of suchconflicts.

 

NOTE 4- OFFICERS ADVANCES

 

Whilethe Company is seeking additional capital through a merger with an existingoperating company, the officer of the Company has advanced funds on behalf ofthe Company to pay for any costs incurred by it. These advances will beconverted to equity.

 

6

ITEM 2.PLAN OF OPERATION

 

TheCompany has registered its common stock on a Form 10-SB registration statementfiled pursuant to the Securities Exchange Act of 1934 (the "ExchangeAct") and Rule 12(g) thereof. The Company files with the Securities andExchange Commission periodic and episodic reports under Rule 13(a) of theExchange Act, including quarterly reports on Form 10-QSB and annual reports onForm 10-KSB.

 

Weare currently seeking to engage in a merger with or acquisition of anunidentified foreign or domestic company which desires to become a reporting("public") company whose securities are qualified for trading in theUnited States secondary market. We meet the definition of a "blankcheck" company contained in Section (7)(b)(3) of the Securities Act of1933, as amended. We have been in the developmental stage since inception andhave no operations to date. Other than issuing shares to our sole stockholder,we have not commenced any operational activities.

 

Wewill not acquire or merge with any entity which cannot provide audited financialstatements at or within a reasonable period of time after closing of theproposed transaction. We are subject to all the reporting requirements includedin the Exchange Act. Included in these requirements is our duty to file auditedfinancial statements as part of our Form 8-K to be filed with the Securities andExchange Commission upon consummation of a merger or acquisition, as well as ouraudited financial statements included in our annual report on Form 10-K (or10-KSB, as applicable). If such audited financial statements are not availableat closing, or within time parameters necessary to insure our compliance withthe requirements of the Exchange Act, or if the audited financial statementsprovided do not conform to the representations made by the target business, theclosing documents may provide that the proposed transaction will be voidable atthe discretion of our present management.

 

Wewill not restrict our search for any specific kind of businesses, but mayacquire a business which is in its preliminary or development stage, which isalready in operation, or in essentially any stage of its business life. It isimpossible to predict at this time the status of any business in which we maybecome engaged, in that such business may need to seek additional capital, maydesire to have its shares publicly traded, or may seek other perceivedadvantages which we may offer.

 

Abusiness combination with a target business will normally involve the transferto the target business of the majority of our common stock, and the substitutionby the target business of its own management and board of directors.

 

Wehave, and will continue to have, no capital with which to provide the owners ofbusiness opportunities with any cash or other assets. However, managementbelieves we will be able to offer owners of acquisition candidates theopportunity to acquire a controlling ownership interest in a company withsecurities registered pursuant to Rule 12(g) of the Exchange Act. Our officerand director has not conducted market research and is not aware of statisticaldata to support the perceived benefits of a merger or acquisition transactionfor the owners of a business opportunity.

 

7

Oursole officer and director has agreed that he will advance any additional fundswhich we need for operating capital and for costs in connection with searchingfor or completing an acquisition or merger. Such advances have historically beenconverted to equity. There is no minimum or maximum amount the Officer andDirector will advance to us. We will not borrow any funds for the purpose ofrepaying advances made by such Officer and Director, and we will not borrow anyfunds to make any payments to our promoters, management or their affiliates orassociates.

 

Item3. Controls and Procedures
** **
(a)Our sole officer evaluated the effectiveness of the design and operation of ourdisclosure controls and procedures, as such term is defined under Rule 13a-14(c)promulgated under the Securities Exchange Act of 1934, as amended, within 90days prior to the filing date of this report. Based on his evaluation, our soleofficer concluded that our disclosure controls and procedures are effective.

 

(b)There have been no significant changes (including corrective actions with regardto significant deficiencies or material weaknesses) in our internal controls orin other factors that could significantly affect these controls subsequent tothe date of the evaluation referenced in paragraph (a) above.

 

PARTII -- OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

 

Thereare no legal proceedings against us and we are unaware of any such proceedingscontemplated against us.

 

ITEM 2.CHANGES IN SECURITIES

 

Notapplicable.

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES

 

Notapplicable.

 

ITEM 4.SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

Subsequentto Quarter End

 

OnApril 16, 2004, we held our annual stockholders meeting and the followingproposals were voted and approved by our sole stockholder;

 

1.The election of Anthony N. DeMint to serve on our Board of Directors until thenext annual stockholder's meeting; and

2.The reaffirmation of Beckstead and Watts, LLP as auditors for the next year.

 

8

OnApril 16, 2004 after our annual stockholders meeting, our sole Director, AnthonyN. DeMint, was appointed as President, Secretary, Treasurer and Chief FinancialOfficer.

 

ITEM 5.OTHER INFORMATION

 

 Notapplicable.

 

ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K

 

(a)Exhibits

SeeExhibit Table on page E-1

 

(b) 8-K- None

 

9

SIGNATURES

 

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

 

TOOLATE FINANCIAL CORPORATION

 

By:/s/Anthony N.DeMint             
AnthonyN. DeMint, President

 

Dated:May 13, 2004

10

EXHIBITTABLE

 
**Exhibit

Number**Description
(1)*N/A
(2)*N/A
(3)(i)**Articles      of Incorporation
(a)      Articles of Incorporation
(3)(ii)**Bylaws
(a)      Bylaws
(4)**Instruments      defining the rights of security holders:
(4)(i)
(a)      Articles of Incorporation
(b)      Bylaws

(c)      Stock Certificate Specimen
(31)
Certification      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(32)
Certification      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
*Filedin Form 10SB filed on March 29, 2000********* |
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